The retail giant Amazon is continuing to invest considerable capital into its payments arm Amazon Pay, adding Rs 590 crore in the recent infusion. This move comes just before the festival sale of Amazon.
With this, Amazon Pay is expected to offer large cashbacks to customers during the upcoming sales to attract more customers. Also, it may offer affordability products such as debit card EMI and cardless EMI to push sales of high-ticket products.
“Our focus is to make digital payments the most trusted, convenient and rewarding choice for customers. We continue to explore ways to do this, in partnership with banks, processors, fintech companies and ecosystem partners,” an Amazon Pay spokesperson said.
Along with this, the company also has plans to start selling insurance in India, as per its filings. With this investment, Amazon has now invested nearly Rs 1,600 crore into its payment business since 2016.
Amazon’s push on Amazon Pay has seen digital transactions grow to 60% of overall transactions on the ecommerce platform.